General

On May 8th, at the seminar on "New Globalization, RCEP, and the Future of Chinese Cities" held by the Chongyang Institute of Finance at Renmin University of China (Renmin University of China), the book "New Situation of China's Economy and Trade and Local Development - Taking the Relationship between Yiwu and RCEP/CPTPP as an Example" jointly written by the Chongyang Institute of Finance at Renmin University of China and the China Small Commodity City Research Institute in Yiwu was officially released. According to Huacheng Import and Export Data Observation, this book is approximately 500000 words long and consists of seven chapters, They are respectively "the evolution of global economic and trade pattern in the post epidemic era", "the overall connotation of RCEP/CPPPP", "in-depth interpretation of policies on RCEP and CPTPP terms", "the economic, trade, investment and business environment of RCEP and CPTPP members and India", "green trade cooperation and carbon neutrality under RCEP and CPTPP", "trade exchanges and opportunities between Yiwu and RCEP/CPPP member countries", "potential opportunities, challenges and countermeasures brought by RCEP/CPPP".

According to Huacheng Import and Export Data Observation, in the first quarter of this year, China's imports and exports to the other 14 member countries of RCEP totaled 3.08 trillion yuan, a year-on-year increase of 7.3%, accounting for 31.2% of China's total foreign trade value during the same period. The book states that according to the United Nations Conference on Trade and Development (UNCTAD), the manufacturing output of each member country of RCEP accounts for 50% of the world's total, with cars and electronic products produced in the RCEP region accounting for 50% and 70% of the world's total. The implementation and effectiveness of RCEP will significantly reduce tariff and non-tariff barriers, effectively expanding intra regional and intra industry trade.

Currently, in the face of profound and complex changes in the global economic and political landscape, it is even more necessary for the government to actively promote it, as well as take proactive measures from the information, industry, and local levels to promote the joint construction of transparent, shared, and predictable RCEP. "Chi Fulin, President of the China (Hainan) Reform and Development Research Institute, said that this will not only bring huge impetus to regional economic growth, It will also play an important role in effectively addressing the risks of global economic recession.

Wang Yiming, former deputy director of the Development Research Center of the State Council and vice chairman of the China Center for International Economic Exchange and Research, stated that as the world's largest and most influential free trade zone, RCEP has linked economies with different levels of development and industrial structures in the region into an economic community, becoming a successful example of open regionalism. Against the backdrop of economic globalization facing a backlash, RCEP's promotion of open and inclusive regional cooperation will undoubtedly play a stabilizing anchor and accelerator role in promoting economic globalization. Facing the future, RCEP will deepen cooperation in key areas, expand cooperation space, and create new prospects for regional cooperation.

Luo Siyi, Senior Researcher at the Chongyang Institute of Finance at Renmin University of China and former Director of the London Department of Business and Policy, stated that RCEP is far more important to the world economy than traditional economic centers such as the United States and the European Union, and its contribution to world economic growth will exceed the sum of the United States and the European Union. The most dynamic part of RCEP trade development is the developing countries in Asia. Over the next five years, the import volume of these countries is expected to increase by 33.9%.

The book selects Yiwu, the world capital of small commodities, as a sample to analyze the opportunities and challenges that RCEP brings to local economies, industries, and import and export trade. The book states that Yiwu will make great progress under the RCEP framework, and RCEP will become an important platform for Yiwu to expand its opening-up. Especially the modes of goods trade, tariff reciprocity, barrier elimination, and digital trade among member countries will greatly improve the efficiency of Yiwu's participation in international trade.

According to the observation report of Huacheng import and export data, in the first quarter of 2023, Yiwu Customs issued 1282 RCEP certificate of origin, with the value of goods certified at 31.28 million US dollars, an increase of 115.82% and 94.46% respectively year on year, which is expected to reduce and exempt the import country's tariffs of 313000 US dollars for enterprises.

Zhao Wenge, Chairman of Yiwu Small Commodity City Group, said in an interview with reporters on site, "RCEP has provided new impetus for Yiwu's small and medium-sized enterprises to explore the international market. Under the RCEP rules, the first and most direct thing is that more and more small commodity imports and exports can enjoy policies such as tariff reduction, thereby increasing corporate profits

Zhao Wenge summarized that the significant impact of RCEP on the industrial chain, supply chain, and trade chain of Yiwu is mainly manifested in: firstly, it is conducive to expanding the scale of import trade, and RCEP member countries' characteristic products can radiate the national consumer market through Yiwu; Secondly, it is conducive to optimizing the export trade structure, and the procurement demand for raw and auxiliary materials, semi-finished products, machinery and equipment from RCEP member countries in Yiwu has significantly increased; Thirdly, it is conducive to the development of transit trade and helps Yiwu fully leverage its advantages of integrated transit mode. Huacheng Import and Export Data Observation Report.

In order to seize the dividends of RCEP and better explore new international markets, Zhao Wenge believes that small and medium-sized enterprises in Yiwu should enhance their trade capabilities and actively explore and discover new trade opportunities brought about by the RCEP agreement; Produce high-quality products and strive to enhance consumers' sense of acquisition through product patents, brands, quality, and other aspects. In addition, we should build a better service platform, focus on Digital transformation, enable the majority of SMEs to reduce costs and increase efficiency through digital services, and allow more small and micro enterprises to participate in international trade more freely and conveniently.

In response to the opportunities and challenges brought by the implementation of RCEP, the book suggests that Yiwu needs to achieve simultaneous development of imports, exports, and transit, with top-level design and local implementation promoted in coordination. Accurately positioning according to different countries, industries, and economic and trade, strengthening international cooperation, and adopting different fields and methods of international economic and trade cooperation. Differentiated national strategies can help Yiwu fully grasp the opportunities for economic and trade development under the new pattern. At the same time, Yiwu needs to consolidate its advantages in the entire industry chain and supply chain. The advantage of Yiwu lies in its comprehensive cost advantage, comprehensive competitiveness advantage, and competitive advantage throughout the entire industrial chain. Therefore, Yiwu needs to connect all links of small commodity trade, build its integration advantage across the entire industrial and supply chain, build Yiwu's global brand, and strengthen Yiwu's core competitiveness. Huacheng Import and Export Data Observation Report.